New Decade, New Rules – Incoterms 2020

On 1 January 2020, upon the arrival of a new decade, an updated version of the International Chamber of Commerce’s (ICC) Incoterms rules came into force.

Incoterms are a set of rules which facilitate the conduct of global trade between a seller and a buyer, covering some of the practical elements of a contract (such as transport and delivery). However, they do not address key commercial considerations such as price, payment, liability or title, which the parties must address themselves.

Brexit: The Impact on Commercial Contracts

The UK is no longer a member of the European Union. Brexit has at last, taken effect (albeit not fully).

Many aspects of UK law and regulation, particularly in respect to trade, have been underpinned by that of the EU and, consequently, many organisations will be concerned about the impact of Brexit on their commercial contracts.

The UK left the EU with a withdrawal agreement and has now entered an 11-month transition period scheduled to end on 31st December 2020, before Brexit will take full effect.